GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Record high Gold prices amidst expected September FED rate cut
Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates...
Economy
Business
Summer break, Eid push up Saudi air ticket prices
The kingdom, which has 15 domestic airports, is witnessing a significant increase in the prices of domestic flights, ranging between...
- Saudi Arabia's domestic airports are witnessing active travel due to the summer break and Eid al-Adha
- There has been an increase in the prices of domestic flights tickets, ranging between 32% to 314%
Economy
Record exports help US trade deficit reach its lowest in 2022
The US trade deficit with China declined again, falling $2.8 billion to $32.2 billion in May, on another big drop...
- Surge in oil sales, natural gas and consumer goods pushed American exports up by $3 billion to $255.9 billion.
- Multiple export categories set records, including industrial supplies, autos and parts, and also petroleum.
Economy
17 institutions win Real Estate Excellence Award in Sharjah
The Sharjah Real Estate Registration Department has announced that 17 institutions have won the Real Estate Excellence Award. The awards...
- Sharjah Real Estate Registration Department awards are part of a plan to make the emirate an attractive global destination
- One of the plans are to attract investors and consolidate the emirate's position as a sustainable knowledge economy
Economy
Common Reporting Standards to be mandatory in UAE, says CBUAE
Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial...
- The CRS is a global method for the automatic exchange of accounts with other financial regulatory organizations across the world
- The CBUAE is keen to comply with global standards as part of its mission to enhance monetary policy and financial stability
UAE, Japan discuss forming a business council
The council aims to boost cooperation and visits between the business communities in both countries.
- The council aims to boost cooperation and visits between the business communities in both countries
- Secretary-General of the FCCI bin Salem invited Japanese businesses to invest in the UAE and leverage government incentives
Business
TotalEnergies of France pulls out of Russian oil project
Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending...
- It has promised to stop purchasing Russian oil and gas by the end of the year, and make no further investments there
- TotalEnergies had already ceded a 20 percent stake in the project and the role of operator to Zarubezhneft
Aramco expected to post $44bn profit in Q2: report
Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1...
- Al-Rajhi Capital which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices
- The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion
Economy
Kurdish Iraq decries ‘unjust pressure’ from Baghdad in oil row
Iraq's autonomous Kurdistan region Wednesday deplored "unjust pressure" from the federal government's oil ministry, days after the judiciary nullified oil...
- The move comes as the Kurdish region and the federal government remain locked in a tug-of-war over the management of hydrocarbons
- Iraq's supreme court in February ordered Kurdistan to deliver the oil produced in its territories to the federal government
Business
Fuel prices drive demand for hybrid vehicles in UAE
While some buyers are opting for smaller compact SUVs and electric vehicles, others are putting their purchase decisions on hold...
- UAE fuel prices jumped around 75 percent since January 2022. Super 98 petrol price increased to Dh4.63 ($1.26) per liter in July 2022 compared to Dh2.65 per liter in Jan 2022.
- Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals.
Business
New multilateralism likely to define global trade in 2022: DMCC report
Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also...
- Geopolitics will shape the trade landscape in the 2020s, building on new developments in regionalism, bilateral trade, and global investment flows.
- Pent-up demand from the COVID-19 shock is already driving trade in goods; a rebound in trade in services is set to follow.
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
Economy
Company News
Latest News
Climate action an opportunity to create more equitable world: Almheiri
Dubai, UAE-- Terming climate action as an opportunity to create a more equitable and sustainable world, Mariam bint Mohammed Almheiri,...
Economy
Jordan’s interconnection projects to serve as hub for energy exchange
AMMAN, JORDAN -The Kingdom’s Ministry of Energy and Mineral Resources has emphasized the significance of current and upcoming electrical interconnection...
Geostrategy
Desperate Sudanese face endless wait for passports so they can flee
A million people have crossed Sudan's borders since April, fleeing the devastating war between the Sudanese army and the paramilitary...
Geostrategy
Most Read
US Fed likely to pause rate hikes despite higher inflation
The Fed has raised interest rates 11 times over the last 18 months, lifting its key lending rate to a...
- Inflation has ticked up again in recent months due to a spike in energy costs, keeping up the pressure on the Fed
- In recent weeks many policymakers have said that additional rate hikes will likely be needed to bring inflation down
Business
DEWA embraces Microsoft’s Copilot to drive digital transformation
Dubai, UAE--Dubai Electricity and Water Authority (DEWA) has adopted Microsoft Power Platform and its AI-powered tool Copilot to build smart...
- In order to benefit from the capabilities of generative AI, DEWA is looking to utilize the latest global technologies in all areas to enhance its digital transformation
- Microsoft's Copilot will assist software developers at DEWA in building smart programs and applications that support DEWA’s operations more smoothly
Economy
S&P confirms Saudi Arabia’s credit rating at A/A-1 amid reforms
Riyadh, Saudi Arabia--Standard & Poor’s (S&P) has confirmed Saudi Arabia’s credit rating, both in local and foreign currency, as “A/A-1”...
- The agency gave a stable rating in the wake of the kingdom's ongoing initiatives to carry out significant reforms and achieve structural improvements
- The kingdom's growth, according to S&P, will increase at a rate of 3.4% between 2024 and 2026 mainly due to the anticipated rise in oil demand